All parameters on each line are used in combination
with one another — each line represents a specific
loan scenario or credit grade.
PROGRAM
NAME
Type I E A 45
I=Income
A=Assets 45=4506
V=Verified S=Stated
DOCUMENTATION
E=Employment
O
V
N
P
R
C
FICO
#
UNI TS
%/$K
%/$K %/$K %/$K FICO
LTV / LOAN AMOUN T
%/$K
Ratio
%
TMSFunding Wholesale W a
CT GA MA MD NC NH NJ PA SC TN VA
41 0/12 NA
50 0/12 NA
50 0/12 NA
50 0/12 NA
50 0/12 NA
50 0/12 NA
50 0/12 NA
50 0/12 NA
COMMENTS
888-371-2989
www.tmsfunding.com
Primary Full V V V O P 1 700 95/417
N
N
N
N
N
N
N
N
N
N
N
N 4-unit max $801,950
Venta Wholesale AZ CA CO NV OR TX UT WA 702-481-6220 www.goventa.com
Conforming Full V V V Y O PRC 1 680 80/417 45 80 NA B N N FNMAlimitapplies
Conforming Full V V V Y O PR 2-4 700 75/417 45 75 NA B N N FNMAlimitapplies
Conforming Full V V V Y VN PR 1 720 80/417 45 80 NA B N N FNMAlimitapplies
Conforming Full V V V Y N P 2-4 720 75/417 45 75 NA B N N FNMAlimitapplies
Conforming Full V V V Y N R 1-4 720 75/417 45 75 NA B N N FNMAlimitapplies
Conforming Full V V V Y O C 2-4 680 75/417 45 75 NA B N N FNMAlimitapplies
Conforming Full V V V Y VN C 1 720 75/417 45 75 NA B N N FNMAlimitapplies
Conforming Full V V V Y N C 2-4 720 70/417 45 70 NA B N N FNMAlimitapplies
Venta sells directly to Freddie Mac, which means no more investor overlays! For further details, call Steve at 702-473-1106 or e-mail scenario to slambiris@goventa.com. Purchase loans only in TX
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5
5
5
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Tell lenders you found them in Scotsman Guide
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terms and availability may not reflect the latest changes. Please contact lenders directly for the most-recent program details. If you believe data is inaccurate or misrepresented, please e-mail: matrixfeedback@scotsmanguide.com.
equity-skimming operation. Ultimately,
the original homeowner would be left
homeless, and the new brokers or lenders often received a repurchase request
or an increased default ratio on their
portfolios.
These types of scams often involved
multiple players, including:
• Buyers who gave lenders false information, such as misrepresented income, employment and occupancy;
• Appraisers who supplied inflated
values or failed to report comparable
sales; and
• Settlement agents who assisted with
flips or diverted funds.
Advance fees
These scams increased as credit and
lending guidelines tightened. For example, almost as soon as the Hope
Now Alliance — a collaboration between the federal government and various lenders, investors and counselors
to assist homeowners with loan modifications and foreclosure avoidance —
came to be in ’07, companies popped
up with the words “hope now” in their
name. Many of these groups targeted
borrowers with financial woes and offered them false guarantees of avoiding foreclosure.
In one common scenario, fake specialists required borrowers to pay a
hefty advance fee — often thousands
of dollars — for loan-modification-negotiation services. The fraudsters
often provided false evidence of
their expertise or relationships with
lenders and admonished borrowers
against reporting the relationship
with the specialist or that any fee was
paid, saying it could jeopardize the
negotiation and cause the borrowers
to lose their home.
In some instances, monthly charges
or milestone charges were included,
in addition to the upfront fee. In many
instances, fraudsters did little to help
bring about a loan modification. Often, they didn’t contact the lender as
the loan continued toward foreclosure.
Many of the borrowers caught up
in these scams failed to realize that
Hope Now provides free counseling
and assistance to consumers seeking
loan workouts, which can include loan
modifications that create manageable
mortgage terms or modified repayment plans.
Another advance-fee scam has
involved a fake specialist provid-
ing baseless theories to borrowers
about debt elimination in exchange
for payment. The specialist would of-
ten advise borrowers that two theories
govern securitization of property and
negate the requirement of repayment:
Helping borrowers
This past May’s FinCEN report calls
out scammers and their schemes,
both of which deteriorate the mortgage industry’s reputation. Although
the federal government thus far has
determined that loan-modification
negotiators don’t fall within the
“mortgage loan originator” definition
for purposes of the Secure and Fair
Enforcement for Mortgage Licensing
Act, many states have enacted laws
requiring licensure as an originator to
offer loan-modification services. Accordingly, many unlicensed individuals who provide such services could
be, by definition, acting illegally.
In many cases, mortgage brokers are
the best individuals to provide assis-
tance. Although free loan-modification
assistance exists, many troubled
borrowers complain that such assis-
tance is minimal or that the process is
overwhelming.
